23 June 2003 11:22 [Source: ICIS news]LONDON (CNI)--German chemicals giant BASF said Monday it plans to issue a Euro1bn ($1.12bn) fixed interest bond later this month.
The company said it wishes to take advantage of the current favourable market conditions to raise money. Proceeds from the bond issue will be used to reduce short term debt, it added.
The bond will be assigned Aa3 and AA minus by ratings agencies Moody’s and Standard & Poor’s (S&P) respectively, said BASF, adding that the exact date of issue and terms will be announced later.
The lead managers for the bond issue are Citigroup and Deutsche Bank.
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